Destination Maternity to Close 30 Stores

Destination Maternity

Destination Maternity will close up to 30 stores after posting a fourth quarter loss of $1.5 million, the Moorestown-based company announced today.

The company also announced that Judd P. Tirnauer,  executive vice president and chief financial officer, is leaving after eight years in his current position.

Company officials said the fourth-quarter loss was due to declining sales — to $118.3 million from $121.2 million.

The good news for the company, however, was that its losses appear to be slowing. Destination Maternity lost $10.1 million during the year ended January 1, 2015 — but just $4.5 million for the year ended in January of this year. (The company also moved its headquarters from Northern Liberties, across the river to New Jersey, during he year.)

Company officials said 2015 was a “transitional year” in its turnaround. In addition to closing 30 stores, it plans to open up to 10 new stores in more promising locations.

“Although we are disappointed in our current sales performance, we are pleased with the progress we’ve made at this stage of our turnaround in improving the infrastructure to enable long-term success,” said Anthony M. Romano, the company’s CEO.